banking

The UAE Central Bank reduced banking sector liquidity for a second consecutive month in August, a move analysts believe signifies an easing of pressure on lenders.

The central bank removed Dh3.1 billion of excess liquidity from the banking system in August, taking the total withdrawals to Dh11.3bn in two months, WAM, the UAE's official news agency reported on Sunday. The bank has pumped Dh31.6bn into the banking system since the beginning of the year.

Arzan Wealth (DIFC) Limited (‘Arzan Wealth’), a Dubai-based advisory firm regulated by the Dubai Financial Services Authority, is pleased to announce that it has advised on the successful sale of the German warehouse used as a spare parts storage and the distribution center by Volkswagen AG, Germany (“VW Property”).

The VW Property was acquired in December 2014 with an objective of producing an average annual yield of 8.25% to investors, and an IRR of around 10% over a three-year holding period. The Property was leased entirely to Rudolph Automotive Logistik"...

The UAE Central Bank withdrew AED3.1 billion in excess liquidity during August, bringing the total withdrawals to AED11.3 billion in two months.

The apex bank said the move is part of its continuing efforts to manage excess liquidity in the banking system.

The UAE Central Bank withdrew AED8.2 billion of excess liquidity during July, which resulted in the surge of Certificate of Deposit, CD, accounts to AED111.1 billion, before they rebounded last month to AED114.4 billion, as compared to AED102.8 billion in June.

Plus One Global, the Tokyo-based maker and seller of the FREETEL brand of budget smartphones, starts it’s sail in Egyptian Market in partnership with Egypt's largest smart phone distributor, MTI Group (www.mti-mmgroup.com), on a new voyage of global expansion that will include landings in 10 countries in the Middle East and Africa.

Plus One Global began as a startup in 2012, offering low-cost mobile services using lines leased from NTT Docomo and developing its own brand of smartphones, which are made to specification in China and sold both in and outside Japan under the FREETEL brand name.

(AETOS Wire)-- Triaconta wants to minimize the risks of investing in cryptocurrencies with Combicoin to make the cryptocurrency market accessible for a larger audience.

CombiCoin is 100% asset backed by the top 30 cryptocurrencies with the highest market cap. Because of this the CombiCoin will not suddenly plunge and investors will have less risks when there are major fluctuations.

There are over 1000 cryptocurrencies on the market and together they represent a value of 130 billion USD. However, all these coins are very volatile."...

The Central Bank of the UAE has stepped up action against banks following complaints of mis-selling on consumer and investment products, a senior executive at the institution said on Tuesday,

Nariman Alawadhi, chief manager at the Central Bank, said that 100 clients have had money returned to them by banks thanks to the institution's clampdown.

“We get a lot of complaints about investment products. The consumer is ignorant and does not know much; at the same time the bank is not clear and does not tell you if this product is good for you or not,” she"...

The Emirates Development Bank, EDB, has launched a housing loan programme for UAE nationals who have obtained relevant approvals from the country's major housing institutions - the Sheikh Zayed Housing Programme, the Abu Dhabi Housing Authority, the Mohammed bin Rashid Housing Foundation and the Sharjah Housing Department - during a meeting at its headquarters in Dubai, which was chaired by Obaid bin Humaid Al Tayer, Minister of State for Financial Affairs and Chairman of the Board of Directors of the EDB.

The programme includes a supplementary loan of up to AED3 million and another loan to buy a house worth AED5 million. The payment period"...